Global oil supply is sufficient now, but natural declines at oilfields mean that the world would need to find a Saudi Arabia every two years to offset these production drops, Saudi Aramco’s chief financial officer Ziad Al-Murshed has said. Due to the natural decline in operating fields, as many as 6 million barrels per day (bpd) of global oil production is being lost every year and needs to be replaced, Al-Murshed said at the Saudi Capital Market Forum 2024 in Riyadh. The world is down to 3% of spare crude oil production capacity…
